LawgistThe British India Corporation Limited (Acquisition of Shares) Act
5Payment of amounts
(1) For the transfer to, and vesting in, the Central Government, under section 3, of the shares of the Company, there shall be given by the Central Government to the shareholders of the Company, in cash and in the manner specified in section 7, an amount of rupees twenty-two lakhs and sixty thousand.
(2) The amount, referred to in sub-section (1), shall carry simple interest at the rate of four percent. per annum for the period commencing on the appointed day and ending on the date on which payment of such amount is made by the Central Government to the Commissioner.
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ACQUISITION OF THE SHARES OF THE COMPANY
- 3 Transfer and vesting of shares of the Company in the Central Government
- 4 Management of the Company
- 5 Payment of amounts
- 6 Appointment of Commissioner of Payments
- 7 Payment by the Central Government to the Commissioner
- 8 Claims to be made to the Commissioner
- 9 Examination of claims
- 10 Admission or rejection of claims
- 11 Disbursement of money by the Commissioner to claimants
- 12 Undisbursed or unclaimed amount to be deposited to the general revenue account
- 13 Power of inspection
- 14 Power of Commissioner to inquire into disputes as to amount
- 15 Deposit of amount in court
